Noida: Member of Sector 62 Rwa has written to the chairman of Yogi Adyityanath, urgently urgently to eliminate the cost of a 10% property transfer of property imposed by the Noida Authority.
Residents said property prices have not seen many increases in recent years and many of them have paid work cuts and losses during a pandemic.
Residents also questioned the charging logic of 10% cost to transfer property when they had paid 99 years of rent, which, they claimed, was 11 times the prevalent rate later.
There were 47 highriss in sectors 62 and most people have bought flat under nineties.
“Flat owners have invested the hard-earned money around 20 years ago.
As a property transfer fee, the Noida Authority now collects 10% of the difference between the selling price and acquisition costs.
This is almost 20% Capital Gain tax, only to change the name The owner in their notes.
This is a big burden on the population, “said RK UNDRETY, President Rwa.
Ukrety also shows that property prices have slumped in recent years.
“The property market has witnessed a reduction of around 25% in tariffs.
Surprising that property transfer fees are collected now,” he said.
“We have paid a one-time rent for 99 years, namely 11 times a common rate according to authority rules.
Even after that, it is only in Noida where we not only have to pay the registry number again but also the transfer fee for this property now.
So, we have Urge CM to delete this clause and delete freehold properties for noida residents, “Ukrety said.